The pandemic wreaked havoc on Australian businesses for nearly three years, and while the worst is behind us, its effects continue to shape today’s economy. Pre-pandemic conditions are unlikely to return, which means businesses must adapt to survive and thrive.
Now is the perfect time to review and refresh your business strategy so you can navigate change with confidence and position your business for long-term success.
What’s changed?
During the pandemic, we saw low interest rates, consumers benefiting from government support packages, businesses taking advantage of stimulus initiatives, and a consequent increase in domestic spending across industries.
Today, the environment looks very different. Government support has been wound back, businesses are struggling to meet customer demand due to staff and talent shortages, interest rates are the highest they’ve been in over 15 years, and rising living costs are detracting from local spending. In addition, the ATO is actively collecting outstanding debt and penalising non-compliance.
As a result, corporate insolvency rates are rising, particularly among SMEs. Corporate insolvencies in Australia reached 10,366 in the 2022–2023 financial year the highest figure since 2019 and analysts project that insolvency rates will continue to rise through 2024 and into 2025 (AICD).
Why your business strategy needs to evolve
It’s more than likely that you will need to make changes to the way your business operates or may already have started. But change without a clear business strategy can create more problems than it solves.
Whatever industry you operate in, now is a critical time to review, refresh, or establish a robust business strategy. The financial results you’ve achieved in the past won’t necessarily guide your success moving forward, which is why future planning is essential.
Ask yourself:
- Where are you now?
- Where would you like to be in three years?
- How are you going to get there?
Key areas to consider in your business strategy
Business Profitability
- Are your current financial projections valid?
- Do you understand where recent profitability has come from, and is that sustainable?
- Have you undertaken a customer profitability analysis?
- Is your business agile enough to deal with future changes?
Key Business Risks
- Are your operations designed for long-term sustainability?
- Has running your business become more or less stressful?
- Do you have a clear, documented business strategy that your team supports?
- Do you have a staff and talent retention strategy?
- What are the business issues that keep you up at night?
Business Exit Strategy
- Do you have a plan for the future of what may well be your family’s biggest asset?
- Even if you’re not ready to sell, are you planning your exit on your terms?
- Has the value of your business grown over the past five years?
- Has your business become more or less reliant on its owners?
- Would you buy your own business without significant changes?
Retirement Strategy
- Will your business provide enough income or capital to finance your retirement?
- What are the key drivers of your business’s value?
- Will you look back on your business strategy with confidence or regret?
- Are your business and personal financial strategies aligned?
Prepare your business to thrive with Matthews Steer
You wouldn’t set out on a road trip without a map, so why navigate today’s uncertain business climate without a clear business strategy? A strong, well-considered plan can give you confidence, clarity, and direction in times of change.
Adrian Misiano is a Partner at Matthews Steer and has been a trusted accountant and advisor to family businesses across Melbourne, Geelong, Ballarat and Bendigo for many years. With a proven track record for driving business improvement, clients value his ability to simplify complexity and provide effective advice.
Thinking about taking your business strategy to the next level? Get in touch with Adrian on (03) 9325 6300 or apmisiano@matsteer.com.au.
Published September 2025